Six-Unit Multifamily
For Sale
$950,000
8 3Rd St, Passaic, NJ 07055
Six-unit multifamily property sold as-is, with a mix of occupied and vacant units requiring buyer due diligence.
Property Size2,588 SF
Price / SF$367.08
Days on Market60
Property Features for 8 3Rd St
General Information
Standard status
Active
Size
2,588 SF
Property subtype
Commercial
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$13,638
Amenities
Central air
Asphalt Shingle Roof
On-Street Parking
Radiators - Hot Water Heating
Wall A/C Unit(s) Cooling
Building Details
Year Built
1900
Listing Agency:
COLDWELL BANKER REALTY
(973) 378-8300
Listed By:
LUIS MIRANDA · License #287630
(973) 839-0800
Source:
Corcoran
Added: Jul 7
Changed: Sep 3
Last Checked: Sep 4 at 6:59AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of COLDWELL BANKER REALTY
Investment Insights
Based on property information with market context.
This six-unit multifamily investment property is offered for sale strictly as-is. The current unit mix includes attic, second floor (rear and front), first floor, and basement levels, plus rear top and rear bottom units. According to the provided information, several units are currently occupied with monthly rent listed for those spaces, while others are vacant, including a second-floor front unit noted as vacant since last rented in December 2025 and a rear bottom unit noted as vacant since last rented in July 2005.
The buyer is responsible for obtaining a Certificate of Continued Occupancy (C,C,O.), smoke certification, and for any inspections or repairs required to close.
The seller’s materials reflect an opportunity to take over a multi-unit asset and address occupancy and property condition through a buyer-managed plan. Exact unit details and rent figures should be confirmed during due diligence.
The buyer is responsible for obtaining a Certificate of Continued Occupancy (C,C,O.), smoke certification, and for any inspections or repairs required to close.
The seller’s materials reflect an opportunity to take over a multi-unit asset and address occupancy and property condition through a buyer-managed plan. Exact unit details and rent figures should be confirmed during due diligence.
Key Highlights
- Six‑unit multifamily property built in 1900
- Sold strictly as‑is; buyer is responsible for required inspections and repairs to close
- Buyer must obtain Certificate of Continued Occupancy (C,C,O,) and complete smoke certification
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$39,798
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.19%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$795,960
$796.0K
Cap Rate 7%
$568,543
$568.5K
Cap Rate 9%
$442,200
$442.2K
Market Conditions
NOI Build-Up for 2,588 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$77.6K $30.00/SF
− Vacancy
−$5.3K −$2.04/SF
EGI
$72.4K $27.96/SF
− OpEx
−$32.6K −$12.58/SF
NOI
$39.8K $15.38/SF
Area
Passaic County, NJ
Vacancy
6.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$795,960
Cap Rate 7%
$568,543
Cap Rate 9%
$442,200
Alternative Uses
Best Use
Apartment 5plus
$568.5K
$497.5K – $663.3K
NOI $39,798 @ 7.0% cap · market cap 4.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$675.8K
$591.3K – $788.4K
NOI $47,304 @ 7.0% cap · market cap 4.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,839
Businesses Nearby
Explore this area
Business Placement
Demographics for 07055, NJ
70,518
Population
21,019
Households
3.4
Avg Household Size
32
Median Age
17%
College-Educated
67%
High-School Grad
3.1 sq mi
ZIP Area
22,748
Density / Sq Mi
$56,780
Median Household Income
$30,935
Median Earnings
$1,392
Median Rent
$406,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Six-unit multifamily property sold as-is, with a mix of occupied and vacant units requiring buyer due diligence.
Where is this apartment building located?
The property is located at 8 3Rd St Passaic, NJ.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Six‑unit multifamily property built in 1900; Sold strictly as‑is; buyer is responsible for required inspections and repairs to close; Buyer must obtain Certificate of Continued Occupancy (C,C,O,) and complete smoke certification
